Texas Moves Toward Gold | New York Times Attacks Miners | SEC Hires Anticrypto Lawyers
Texas Tries Legalizing Gold as Legal Tender, New York Times writes extensive anti-bitcoin hit piece, SEC hires anti crypto lawyerss.
Forwarded from a friend? Subscribe below.
Texas Wants to go Back to the Gold Standard. Bitcoin Standard When?
So the Bretton Woods gold standard isn’t tenable but is the current fiat system much less problematic? Many believe that the new system concentrates too much power in the Federal Reserve. For example, the Fed increased the M2 money supply (the amount of all dollars in circulation including deposits) by 27% in 2020-2021 under its aggressive Quantitative Easing (QE) program that aimed to prevent a recession. This was the largest increase in the country’s history, beating out even the second world war (18%) and the 2008 financial crisis (10%). To the surprise of (almost) no one, this heavily contributed to widespread, lasting inflation that is still affecting American citizens today.
Economists still argue over whether the Fed’s actions were positive or negative on the whole but many agree that QE unfairly benefits monolithic corporations over small businesses and individuals. Many detractors of the buying spree hope that a gold standard could be a good way to bring the Fed into line.
SEC Adding More Anti Crypto Lawyers for Crackdown
The call for attorneys to join the regulator's Crypto Asset and Cyber Unit, or CACU, comes after the agency said in March that it was "planning to add additional staff" to the unit, which was initially meant to be a 20-person operation but has since doubled in size.
Under Chairman Gary Gensler, the SEC has been cracking down on the crypto industry with renewed vigor since the 2022 market turmoil saw the collapse of big firms in the sector, crypto exchange FTX among them.
The attorneys joining the CACU are expected to conduct investigations involving "crypto asset securities," develop litigation plans, draft legal documents including subpoenas and conduct depositions.
New York Times Writes Extensive Hit Piece On Bitcoin Miners & Texas
"Ninety-two percent of the power demand of the Genesis Digital Assets mine in Pyote, Texas, is met by fossil fuel plants, causing 546,000 tons of carbon pollution each year."
In this episode of "The Knight Show" JoshuaJake, Blockchain Boy, and Samuel Armes discuss Trump NFTs, the Dollar in Decline, OPEC's Oil Cartel and how it effects Crypto, and lastly, Andrew Tate.
Almost 1 MILLION addresses hold +1 🥇 Bitcoin - a new all-time high! 🚀
💰 Bitcoin is the most Googled word in the USA
Microstrategy: Acquired 6,455 💰 Bitcoins for Approximately $150.0 Million, at an Average Price of $23,238 Per Bitcoin. ▪️MicroStrategy said it now holds 138,955 BTC acquired for approximately $4.14 billion at an average price of $29,817.
In The Know
Click here for events & meetups in April 2023
Crypto News Heard Around the State
Do you have any noteworthy news about you or someone you know? Want to voice an anonymous opinion? Send it to us here
Crypto Flo is brought to you by our partners and sponsors:
Disclaimer: Crypto Flo DOES NOT provide financial advice. All content is for informational purposes only. Crypto Flo is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.